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when there are multiple banks involved in the payment chain, and the
final leg needs to be cleared within the recipient country, the domestic
payments are sometimes delayed owing to the limited operating hours of
the local clearing systems. With the advent of real-time payments
systems, which typically operate 24/7, there is an opportunity to remove
these last frictions and ensure that these payments are credited in seconds
rather than hours.
Swift dominate in the global cross border transaction because the cross-
border transaction is very easy but the swift method. You can send and
receive the transaction easily .People easily adopted the method .By
swift method you can position yourself as a payment leader ,swift gives a
deliver a better experience and bring real time cross boarder to the
market also bring new effencies to local economy .
Question 2. If the alternatives to SWIFT are/will be implemented in the global trade, will
they be able to compete with SWIFT over a decade? Justify your answer for
each of the below mentioned platforms.
Question 3. With the West's SWIFT punishment to Russia, can India offer the world a
better alternative compared to SWIFT and other upcoming platforms? Discuss
the challenges that the Indian system can face.
Question 4. China and Russia are working on homegrown alternatives to the SWIFT
payment system. What impact will it have on the US dollar? Justify your
answer.